Coming Soon: MasterChef v2
With CAKE fixed-term staking, comes PancakeSwap MasterChef v2, bringing more possibilities for future tokenomics and liquidity farming.
Chefs are proud to announce the latest development of the new PancakeSwap MasterChef contract — another major upgrade with a new fixed-term staking CAKE syrup pool. The new MasterChef contract will allow Chefs to have much better and comprehensive control over CAKE emissions and how the CAKE rewards get distributed.
Why do we need a MasterChef v2?
Since the launch of PancakeSwap back in September 2020, our MasterChef has been working round the clock for all the yield farmers and users staking CAKE. We have a lot of exciting ideas for potential future products and tokenomics refinements. Unfortunately, due to the limitation of our current MasterChef contract, implementing them has been an enormous challenge, if not impossible.
The new CAKE staking pool with fixed term staking.
One of the great examples of the new products we can build with MasterChef v2 is the all-new CAKE staking pool with the fixed-term staking option. With better control over the CAKE emissions and distributions, we can allocate more rewards to those who choose to stake their CAKE for longer periods.
To learn more about the new CAKE staking pool with fixed term staking, read our latest Medium article or our docs.
Greater control over CAKE emission and rewards distribution
With a better tool, Chefs could cook even more delicious dishes. The new MasterChef v2 will allow Chefs to have better control over CAKE emission and the CAKE rewards distribution. For example, the number of CAKE sent to burn per block will be much more precisely controlled. The same applies to lottery prize pool injections. On top of that, Chefs will be able to adjust the “Stake CAKE, Earn CAKE” syrup pool rewards allocations for the first time. This is an essential step for us as we progress towards our goal of CAKE becoming emission neutral. Please note, MasterChef v2 will be deployed without initial changes to emissions. This will help ensure a smooth and secure transition as $2b will need to be migrated. Proposals for changes to emissions can resume some time after this.
More exciting features are coming
MasterChef v2 also has some secret ingredients being put into the part of liquidity farming. PancakeSwap farms have been a popular product for liquidity providers to stake their LP tokens and earn CAKE. Without giving too much detail, the new MasterChef v2 will allow us to be able to allocate more juicy sweetness to our loyal CAKE supporters. We’re excited about the endless possibilities and opportunity this brings into a traditional, well-known PancakeSwap product.
The migration
To safely migrate all our users to MasterChef v2, Chefs have been working non-stop testing, reviewing, and arranging 3rd party audits for the new contract. We are pleased to announce that the audits have been completed! For technical documents and testnet environment, please check them out on our documentation page: https://docs.pancakeswap.finance/code/migration/masterchef-v2
While we are working on the final preparations for the migrations, if you are a user of PancakeSwap Farms, please stay tuned for further announcement of a detailed step-by-step tutorial on how to complete the migration.
If you have any feedback, questions or suggestions, please let us know on Twitter, in our Telegram group, in our Discord server, or over in our growing Reddit community!
Stack ‘em! 🥞
Chef Xander 🐇
